I think what's going on here amounts to a hostile takeover. They could sell to another party and leave SPKL an empty shell. It makes more sense to me, though, that they would use this process to take complete control of the company.
From the 8k filed 2/8/12:
"If the lenders are the highest bidder and a deficiency remains, the lenders reserve all rights and remedies with respect to other assets and property of the registrant. The lenders also reserve the right to refuse any bid for any reason whatsoever and the right to postpone, adjourn, delay, discontinue or cancel the sale for any reason."
(my emphasis)
Doesn't that say that if somebody else wants to buy the assets they won't allow it? The Reeds, according to the DEF 14A filed in April 2011, hold almost 50% of the outstanding stock. They also have loaned the company money via notes convertible into common. I'm not in SPKL, still looking.
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